Global energy, petchem companies reveal Q3 results

According to media sources, global energy and petrochemical companies including TotalEnergies, Repsol, Siam Cement Group (SCG), Sinopec and Eastman have announced their net profits for the third quarter of 2023.

French energy company TotalEnergies’ Q3 net profit increased by 30% from the previous quarter to $6.45 billion, beating the analysts’ expectation of $5.95 billion. This marked the first increase after three consecutive declines in the net profit. This rebound in profit is mainly attributed to higher oil prices and refining margins. Nonetheless, net profit was 35% lower when compared to a year earlier.

Spanish energy company Repsol’s adjusted net profit declined by 27% on a yearly basis in Q3 amid lower oil and gas prices. The company reported a net profit of €1.1 billion ($1.16 billion) for the period as compared to €1.5 billion in the same period of last year.

Thailand’s Siam Cement Group (SCG) posted a Baht2.44 billion ($67 million) net profit for the third quarter of 2023. The figure remained stable from the same period of 2022. Although the company’s sales were down, better results in the chemicals segment aided financial results.

Chinese Sinopec Corp’s net profit surged by 34% to 17.94 billion yuan ($2.5 billion) from a year earlier in Q3. Rising refinery output and strong fuel sales counterbalanced lower oil and gas prices, leading to a higher profit.

US chemicals company Eastman announced third quarter earnings of $178 million, beating expectations. Eastman’s sales revenue for the same period stood at $2.267 million, down from $2.709 million in Q3 2022, meanwhile. “Our third-quarter results reflect decisive steps we took to aggressively reduce inventories and prioritize strong cash generation,” said Mark Costa, Board Chair and CEO.